Virtual Concerts A New Video Format
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The global pandemic thrust the live music sector into chaos, with global revenues falling by in 2020 compared to one year previously. The music industry was rocked by first-order impacts (no concerts, no fan engagement) and second-order impacts (many artists realising that streaming did not add up without live income alongside it). Necessity, though, is the mother of invention and an unprecedented period of innovation and experimentation followed, creating a whole new virtual concert ecosystem. One that presents great opportunity but that also reflects the flaws of a hastily constructed industry, flaws that must be fixed for the sector to realise its ambition. Rather than the future of live, virtual concerts represent an entire new video product strategy.
Companies and brands mentioned in this report: Amazon, Driift, Epic Games, Fortnite, Facebook, MelodyVR, Minecraft, Sessions, Twitch, YouTube